Personal Finance

Ask me about Credit Scores

  • Last Updated:
  • Sep 14th, 2017 2:07 pm
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coolintheshade wrote:
Jul 31st, 2017 6:37 pm
How many of me have lived at my address is not the question.
The real question is, how many times have the bureaus or the companies that supply the information to them, got the address wrong, spelled wrong etc...
Yes an address may aid in obtaining the correct credit file, and it certainly is very possible to have people with the same or similar names living in the same household, so verifying DOB eliminates any doubt that the correct credit file is being pulled.
If you have name + address + DOB and there's a typo or one of address/DOB is missing completely but you can still find the entry in the DB then you have a 'hit' for the search result. Period.


You are venturing into straw-man example territory now cool ...
Trying filling out your next credit card application without providing DOB and let us know how that goes for you.
"Consumer applying for credit" DOES NOT EQUAL "A company requesting a credit report on a consumer".

If a the credit issuer finds any inconsistency/mistakes with your provided information when they try to grant you credit they will suspect fraud or identity theft and either decline you or take additional steps to verify you.

If the bureau receives a pull request from a company with absent/typoed info they will just chalk it up to a mistake. They trust the company. I said this already. They aren't vetting the company's trust.
Last edited by ace604 on Jul 31st, 2017 6:42 pm, edited 1 time in total.
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ace604 wrote:
Jul 31st, 2017 2:47 pm
This is close, but not quite.

Your average age WILL continue to increase for the 6, 7, 10 (forever? TU??) years that the closed account stays on your report and the original open date is used in the AAoA calculation.

After it gets removed (if it does years later) then your AAoA will drop.

I've verified this personally with at least one AAoA calculation from Equifax.

They just do "today minus open date" for every account divided by # of accounts.

They do NOT ignore the closed accounts.
And this would be "closed date minus open date" for closed accounts, right?

Any idea what a good average age to aim for would be?
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setsunafseiei wrote:
Jul 31st, 2017 6:50 pm
And this would be "closed date minus open date" for closed accounts, right?

Any idea what a good average age to aim for would be?
No. It would be what I said. "Today - opened date" ... that's why closing it has NO immediate impact on AAoA calculations that use closed accounts and why I said they WILL continue to age and to help with average age.
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MyCatsNameIsJeff wrote:
Jul 28th, 2017 1:09 pm
I've had a really basic rewards credit card from TD for as long as I remember. Today when I visited the branch I asked if they could offer me something better in terms of rewards. I got approved for the Rewards Infinite white is a lot better than my current card, Now to my question, will canceling a credit card that I had for over 5 years affect my credit in a negative way? I heard that creditors looks for things like how long you had your credit cards and such. The rep selling me the credit card assured me this wouldn't change me credit score since it was me shutting down the card and not the institution.
they dont need to cancel the card..just ask them to do a product transfer. they are cancelling because they might get more sales goal that way.
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ace604 wrote:
Jul 31st, 2017 6:55 pm
No. It would be what I said. "Today - opened date" ... that's why closing it has NO immediate impact on AAoA calculations that use closed accounts and why I said they WILL continue to age and to help with average age.
Ohh.

So if you have no intention of keeping the account open forever (say, because of a high AF), then it doesn't make a difference if you close it within 3 months or 6 months, since they'll both fall off your account around the same time after 7 years (3 months more for the latter option I guess...)?
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Jul 27, 2017
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my credit report lists a CC from 1981 as 'open'. Since we've moved several times since 1981, I don't have that card now, as far back as I can remember either renewing it or using it. Any suggestions on what I should do about the dormant - listed as 'open' CC?

- do nothing?

- contact the Bank that issued it to get it closed?

- other?

- contact the bank to have them re-issue it & start using it
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ace604 wrote:
Jul 31st, 2017 6:42 pm

.... straw-man example territory now cool ...
What is up with your straw-men fetish? :) :) I see this all over your recents posts. Are you back in university taking a first year philosophy course?
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bewiseman wrote:
Aug 1st, 2017 2:03 pm
What is up with your straw-men fetish? :) :) I see this all over your recents posts. Are you back in university taking a first year philosophy course?
Not my fault it's one of the most common fallacious argument tactics people use. I'm just calling it like I see it ... and there are a lot of straw-men builders.
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marktang wrote:
Aug 1st, 2017 9:09 am
they dont need to cancel the card..just ask them to do a product transfer. they are cancelling because they might get more sales goal that way.

Can you elaborate and get in specifics so I can explain this to the bank rep in detail. They told me if I personally close the credit card it wont affect my credit so I guess they're misinformed or just don't care.
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MyCatsNameIsJeff wrote:
Aug 2nd, 2017 12:28 pm
Can you elaborate and get in specifics so I can explain this to the bank rep in detail. They told me if I personally close the credit card it wont affect my credit so I guess they're misinformed or just don't care.
you have to go to the bank and talk to a FSR about it. Just say i have this card now and want to upgrade to this card. they can transfer the balance to the new card, the limit might be different though. It's call a product transfer. you continue to use your old card until your new card arrives and activate and then your old basic rewards card won't work anymore.
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MyCatsNameIsJeff wrote:
Aug 2nd, 2017 12:28 pm
Can you elaborate and get in specifics so I can explain this to the bank rep in detail. They told me if I personally close the credit card it wont affect my credit so I guess they're misinformed or just don't care.
Anything you do with your credit, affects your credit score.
How much it impacts your credit depends on the factor.
The two top factors are:
Payment history
Amounts owed (revolving utilization)
Anything else is minor damage to your credit score.
If cancelling the card in question will make your utilization spike dramatically, then keep it open/do a product transfer etc... until you can bring balances down.
Otherwise, cancel it.
If everything else on your credit is good, this won't impact you at all.
I've done it time and time again, even oldest cards.
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Apr 5, 2010
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I'm curious. I JUST did an Equifax pull (yes, paid the 23.95) and got a score of 658. THEN I noticed that Mogo & Borrowell have free pulls, so I signed up for both... Strange those 2 both show my score as 619! Any clue as to why? And what will lenders see? The 658 or the 619 if I apply for a credit product.... yes a discrepancy of almost 40 points definitely matters...
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verbob wrote:
Aug 2nd, 2017 8:05 pm
I'm curious. I JUST did an Equifax pull (yes, paid the 23.95) and got a score of 658. THEN I noticed that Mogo & Borrowell have free pulls, so I signed up for both... Strange those 2 both show my score as 619! Any clue as to why? And what will lenders see? The 658 or the 619 if I apply for a credit product.... yes a discrepancy of almost 40 points definitely matters...
Which score did you buy from EFX? The score from Mogo & Borrowell is ERS 2.0.
The score lenders use is probably neither score you got, and likely a BEACON one.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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ace604 wrote:
Aug 2nd, 2017 11:43 pm
Which score did you buy from EFX? The score from Mogo & Borrowell is ERS 2.0.
The score lenders use is probably neither score you got, and likely a BEACON one.
I didn't have a choice when buying directly from Equifax. Just paid, got the report with score.

What would be the difference with a BEACON?
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verbob wrote:
Aug 3rd, 2017 12:48 pm
I didn't have a choice when buying directly from Equifax. Just paid, got the report with score.

What would be the difference with a BEACON?
It's like the 10 different ways to measure body fat vary in accuracy. EFX is using the crappy BMI, ERS 2.0 is maybe like a scale that has electrodes, older BEACON is like calipres and newer is like weighing you underwater.

The answers difference scores give vary and also vary greatly in how often they are used by lenders from "never" for the default "educational use only" score you get by default as a consumer buying from EFX to "more often" for the better types of scores.

BEACON is a FICO score and those seem to be most popular. It depends on the lender and their industry what score they will use.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)

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